Although adoption of electronic billing and payment services continues to grow, financial institutions are missing out. Recent growth has come almost entirely from payments made directly to billers, while growth at financial institutions has been incremental at best. How can institutions tap into this consumer enthusiasm, and in particular, how can they attract the coveted millennial generation?
In a word: marketing. Financial institutions need to engage, educate and promote. Engage earlier with customers, educate them on the benefits of bill pay at the financial institution website and promote those benefits with every engagement moving forward.